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I'm always prepared as I've lived your exact concern, more than once. I think it's vital for people to have at least 1 year of full expenses, including health insurance coverage, saved, and I think 2 years is an important goal to reach. Jobhunts can take a long time and it's way too easy to burn through savings, so better to plan for more than you think you'll need.
We are pretty well prepared for job loss. We have two incomes so if one lost their job, the others pay would still cover main bills (things would be tighter but manageable). If somehow we both lost jobs we have enough cash savings for about a year, maybe little more. I know that's more then most would recommend but it's what we're comfortable with. Our bills are very low also, no mortgage/rent, no cable, no debt. Just cheap phones, utilities, insurance and the normal. I feel we're better prepared now then ever before.
It's nice to see so many well prepared folks responding to this thread. It would have been more interesting if all responders had given their ages. For example, if a 30-year-old said he could last five years, that would be really impressive. But if a 55-year-old said the same thing, the reaction would be more like, "Well yes, I certainly hope so."
(I am not responding to the thread title question because I am 73 and retired. Since I no longer work, the question is moot for me.)
We could last 2 weeks BUT if we then cut down to bare bones, we could make it work for quite awhile. I mean bare bones as in bare bones... no cellphone, net, etc. We survived in 2013 on $210/wk as a family of 5 so i know we could do it again.
We could last 2 weeks BUT if we then cut down to bare bones, we could make it work for quite awhile. I mean bare bones as in bare bones... no cellphone, net, etc. We survived in 2013 on $210/wk as a family of 5 so i know we could do it again.
Prices on everything have gone up since 2013. Just because you have done it before 4 years ago doesn't mean it can be replicated now at the same cost.
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